Ping An-backed Chinese online lender Lufax plans $5b HK IPO in 2016

Visual from Lufax website

Chinese online lending platform Lufax, backed by the country’s second largest insurer Ping An Insurance Group Co of China Ltd, plans a Hong Kong initial public offering worth up to $5 billion in 2016, people familiar with the plans said on Thursday.

The company has not officially mandated banks to manage the IPO, but Goldman Sachs and Morgan Stanley are working on a private round of funding for Lufax and are expected to be involved in the listing, said one of the people, who could not be named because details of the deal aren’t yet public.

Ping An and Goldman Sachs declined to comment and Lufax could not be reached for comment. Morgan Stanley did not immediately reply to a Reuters request for comment.

Lufax had over 14.29 million registered users at the end of September, nearly triple the number at the beginning of the year, Ping An said in its third-quarter earnings report.

Trading volumes at the lending platform reached 926.4 billion yuan ($145 billion) in the first nine months of the year, nine times more than in the same period a year earlier, Ping An said.

The Wall Street Journal previously reported plans by Lufax to raise $5 billion in the IPO.

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($1 = 6.3895 Chinese yuan renminbi) (Additional reporting by Engen Tham in SHANGHAI and Beijing Newsroom; Editing by Denny Thomas and Jane Merriman)

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.